The next installment of the Sovereign Gold Bond Scheme was released on Monday at Rs 5,051 per gram.

The next installment of the Sovereign Gold Bond Scheme was released on Monday at Rs 5,051 per gram.

The Reserve Bank of India (RBI) has said that it will release the price for the Sovereign Gold Bond (SGB) Scheme 2020-21-Series VII, which will be for subscription from October 12 to October 16, fixed at Rs 5,051 per gram. is. Gold.

The issue price for the SGB Scheme Series VI opened for subscription from 31 August to 4 September was Rs 5,117 per gram. The SGB Scheme 2020-21 Series VIII will open for subscription from 9 November to 13 November. The issue price will be announced a few days before the subscription opens.

“The nominal price of the bond works out to Rs. 5,051 per gram on the basis of simple average closing price for 999 purity gold in the last three trading days of the week,” RBI said.

The central bank said that in consultation with RBI, the government has decided to give a discount of Rs 50 per gram from nominal value to investors applying online and payment against the application will be made through digital mode. It said that the issue price of gold bonds for such investors would be Rs 5,001 per gram.

The Sovereign Gold Bond Scheme 2020-21 issued by RBI by the government is shown in multiples of grams of gold with a basic unit of 1 gram. The tenure of the gold bond scheme will be eight years and there will be exit option after the fifth year, in which the interest payment dates will be used.

Bonds can only be purchased by resident individuals, Hindu Undivided Families (HUF), trusts, universities and charitable institutions. The minimum permissible investment is 1 gram of gold and the maximum membership limit is 4 kg for individual, 4 kg for HUF and 20 kg for trusts and the same per financial institutions. They are sold through banks except small finance banks and payment banks, Stock Holding Corporation of India (SHCIL), designated post offices and recognized stock exchanges (NSE and BSE).

The RBI said in its annual report 2019-20 that since its inception in November 2015, a total of Rs 9,652.78 crore (30.98 tonnes) has been sold through the Sovereign Gold Bond Scheme (37 installments). The central bank had 10 installments of sovereign gold bonds for a total amount of 2,316.37 crore (6.13 tonnes) during 2019-20.

The government launched the Sovereign Gold Bond Scheme in November 2015 to reduce demand for physical gold and to shift a portion of domestic savings, which are used to finance gold into financial savings.

STAY TUNED WITH US FOR MORE INTERESTING CONTENT ONLY ON DESINEW.XYZ

Leave a Reply

Your email address will not be published. Required fields are marked *